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Manila Bulletin devider Philippines devider National devider Minority solon likens proposed MWF to 'chop suey'

Minority solon likens proposed MWF to 'chop suey'

Published Dec 7, 2022 10:04 am

House Deputy Minority Leader and Bagong Henerasyon (BH) Party-List Rep. Bernadette Herrera has used the Chinese mixed vegetable dish "chop suey" to describe the controversial Maharlika Wealth Fund (MWF) being pushed by majority solons.

Chop suey (Unsplash)

In a statement Wednesday, Dec. 7, Herrera called for a clarification on what she called the "fundamental intent and function" of the proposed Philippine sovereign wealth fund (SWF).

“Normally, there are two types of funds – one to manage surplus resources such as foreign exchange or natural resource revenues, and the other to manage state assets or to implement development projects. Singapore, for instance, has two SWFs: GIC to manage and invest its foreign exchange, and Temasek to operate state assets,” she explained.

“Itong panukalang SWF ngayon eh parang pinaghalo yung dalawang klaseng SWF, at naging chop suey. Hindi malinaw ang direksyon ukol sa layunin (The proposed SWF right now is like a combination these two forms, it has become chop suey. The direction isn't clear as to the purpose)," the veteran solon noted.

The proposed P275-billion MWF is embodied in House Bill (HB) No.6398. Its authors include House Speaker Martin Romualdez and Senior Deputy Majority Leader Sandro Marcos.

Using contributions from government financial institutions (GFIs) like the Government Service Insurance System (GSIS) and Social Security System (SSS), the MWF will act as the country’s own SWF.

"Its mandate also remains unclear: what are the funds’ priorities? Where will they be invested? What are the risks involved?),” Herrera underscored.

Despite this, the lady solon acknowledged that "The theory behind a sovereign wealth fund is very sound, and many developed countries have used it as an effective way to manage assets and pursue development projects."

Related Tags

bagong Henerasyon Party-list swf 120722 mwf chop suey maharlika BH bernadette herrera
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